+ 1.33
+ 0.4%
+ 1.96
+ 0.57%
+ 1.38
+ 0.33%
+ 0.08
+ 0.06%
+ 2.64
+ 1.57%

Microstrategy Buys The Bitcoin Dip, Gets Ready To Host February Event

January 22, 2021 10:09 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Microstrategy Buys The Bitcoin Dip, Gets Ready To Host February Event

Microstrategy Inc (NASDAQ:MSTR) and CEO Michael Saylor continue to be strong believers in the growing value of Bitcoin by placing its treasury reserves into the cryptocurrency.

What Happened: A new 8K filing shows that Microstrategy bought 314 additional bitcoin recently at a price point of $31,808 each.

The purchase comes as the cryptocurrency had its worst week since March 2020, falling over 14%. Bitcoin was worth over $41,000 earlier this month. 

The additional bitcoin now put the total amount owned by Microstrategy at 70,784. The company has bought bitcoins at an average price point of $16,035.

Why It’s Important: The additional purchase comes after the company spent over $1 billion to acquire bitcoin in 2020. The company announced in December it purchased $650 million of bitcoin at an average price point of $21,925.

With Bitcoin valued at $32,350 at the time of writing, Microstrategy’s stake is worth $2.29 billion. The market capitalization of Microstrategy is $4.8 billion.

Related Link: 8 Stocks To Play Bitcoin’s Resurgence

What’s Next: Microstrategy is hosting the Bitcoin Corporate Strategy event Feb. 3-4.

The event will feature Saylor and industry leaders from Binance, Coinbase, Galaxy Digital and Gemini. Lectures will include discussion on macro strategy, corporate strategy, finance considerations, legal considerations and accounting considerations.

MSTR Price Action: Shares of Microstrategy are up 3% to $534 on Friday. Shares have gained more than 250% over the last year.

Related Articles

Guy Adami Thinks Bitcoin Could Double In One Year's Time

Those who think that Bitcoin (CRYPTO:BTC) is going to double during the next year are probably going to be right, Fast Money trader Guy Adami said Friday on CNBC's "Power Lunch." read more

MicroStrategy Reports Up To 52% Increase In Revenue, Says Might Sell Bitcoin In The Future

MicroStrategy (NASDAQ: MSTR) reported a sharp increase in revenue as its CEO announced that the firm expects to buy more Bitcoin (CRYPTO: BTC) but could also sell some in the future. read more

BNY Mellon Says Fund Performance Hurt By Lack Of Exposure To Bitcoin Stocks

Wall Street banking giant Bank of New York Mellon Corp (NYSE: BK) said the performance of one of its exchange-traded funds was considerably impacted by its lack of exposure to crypto stocks. read more

Largest Crypto Exchange Binance Might Have Broken The Law With Tokenized Tesla Shares, Says BaFin

The German Federal Financial Supervisory Authority (BaFin) is scrutinizing the listing of tokenized Tesla Inc. (NASDAQ: TSLA) shares on the world's top cryptocurrency exchange Binance. read more